Back Office Services Activities (BOSA) is a department in Mwalimu National which offers various loan products against members' deposits.
Wezesha Loan
Unlike ALL other products, WEZESHA (to enable) is the ONLY product that a member does not have to wait for six (6) months before applying for a loan. Mwalimu National enables YOU (new member) to access funds within your ability immediately your first savings deduction goes through. ONLY 1/4 of the amount applied will be retained in the new members account as savings. The loan must be fully guaranteed.
Terms and conditions of wezesha loan
- This product is for new members only.
- Rate is 1.125% p.m. on reducing balance.
- Wezesha loan runs for a maximum of 72 months
- 2% wezesha processing fee shall be charged on the amount to be advanced.
- Maximum loan amount to be determined by the member's ability subject to the loan being fully guaranteed.
- The minimum period for a member to qualify shall apply as per the sacco by-laws.
- Shares boosted shall earn dividends on pro-rata basis.
Emergency Loan
- Granted for unforeseen circumstances.
- Applicable interest rate is 1%p.m on reducing balance.
- Repayable in 24 months.
- Multipler is x5 (subject to 1/3 salary rule).
- Only one emergency loan can be granted at a time.
School Fees Loan
- Granted for education purposes only.
- 1% p.m interest rate on reducing balance.
- Repayable in 24 months.
- Maximum limit is a member's deposit x5 (subject to 1/3 salary rule).
- Only one school fees loan to be granted at a time.
Normal Loan
- Granted as a short term loan aimed at helping members meet their immediate financial needs.
- 1% p.m on reducing balance.
- Repayable in 48 months.
- Limit is a member's deposit x3 (subject to 1/3 salary rule).
- One normal loan to be granted at a time.
Development Loan
- Granted as medium-term loan for investment purposes.
- Applicable interest rate is 1.125% p.m on reducing balance.
- Attracts 0.5% processing fee.
- Repayable in 60 months.
- Maximum limit is a member's deposit x 4 (subject to 1/3 salary rule)
- One development loan granted at a time.
Super Loan
- Granted as long-term loan for investment purposes.
- Interest rate is at 1.17% p.m.
- Repayable in 84 months.
- Maximum limit is a member's deposit x 4 (subject to 1/3 salary rule).
- Attracts 0.5% processing fee.
- Only one super loan granted at a time.
Vision 96
- Long term loan for investment purposes.
- Interest rate is 1.25 p.m on reducing balance.
- Repayment period in 96 months.
- Attracts a 1% processing fee.
- The limit is a member's deposit x5 (subject to 1/3 salary rule)
Ufanisi Loan
Ufanisi Loan:
This is long-term loan product aimed at enabling you our member with salary ability but have low shares to access more credit by boosting your shares. A portion of the loan applied is retained as deposits enhancing your balance multiplier.
The product features and requirements are:
- Repayable in 120 months.
- 10 % share boosting fee applicable.
- Deposit multiplier is 5 times the qualifying amount
- Loan must be fully guaranteed
- Only one Ufanisi loan can be granted at a time.
- The member’s salary to be channeled through Mwalimu National Sacco FOSA.
Recovery is done at a monthly flat rate combining principle repayment with interest.
NB. Its MNS that does the boosting. If the member boosts by himself/herself then it will have to wait for the mandatory 6 months before applying.